DEMCX vs. FPADX

Last updated Aug 1, 2026

DEMCX (Nomura Emerging Markets Fund Class C) and FPADX (Fidelity Emerging Markets Index Fund) are both Emerging Markets Equities funds. DEMCX is actively managed, while FPADX is passively managed. Over the past 10 years, DEMCX returned 16.80%/yr vs 8.35%/yr for FPADX. Their correlation of 0.89 means they have usually moved in the same direction. DEMCX charges 2.17%/yr vs 0.07%/yr for FPADX.

Performance

DEMCX vs. FPADX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nomura Emerging Markets Fund Class C (DEMCX) and Fidelity Emerging Markets Index Fund (FPADX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEMCX achieves a 67.60% return, which is significantly higher than FPADX's 16.52% return. Over the past 10 years, DEMCX has outperformed FPADX with an annualized return of 16.80%, while FPADX has yielded a comparatively lower 8.35% annualized return.

DEMCX

• 1D: 8.32%
• 1M: -18.28%
• 6M: 33.85%
• YTD: 67.60%
• 1Y: 153.43%
• 3Y*: 49.76%
• 5Y*: 21.94%
• 10Y*: 16.80%
• ALL TIME*: 9.70%

FPADX

• 1D: 3.98%
• 1M: -3.45%
• 6M: 7.70%
• YTD: 16.52%
• 1Y: 34.32%
• 3Y*: 17.79%
• 5Y*: 7.16%
• 10Y*: 8.35%
• ALL TIME*: 5.60%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DEMCX Nomura Emerging Markets Fund Class C	$0.00	$0.00	$0.00
FPADX Fidelity Emerging Markets Index Fund	$0.00	$0.00	$0.00

DEMCX vs. FPADX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DEMCX Nomura Emerging Markets Fund Class C	67.60%	84.86%	5.47%	16.47%	-29.38%	-3.05%	24.55%	23.16%	-17.94%	40.59%
FPADX Fidelity Emerging Markets Index Fund	16.52%	33.90%	6.80%	9.51%	-20.06%	-3.07%	17.84%	18.28%	-14.65%	35.16%

Correlation

The correlation between DEMCX and FPADX is 0.77, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.77
Correlation (3Y) Balances recent behavior with more history.	0.79
Correlation (5Y) Shows whether the relationship held over a longer period.	0.85
Correlation (10Y) Provides a long-term view across more market conditions.	0.88
Correlation (All Time) Calculated using the full available price history since Sep 9, 2011	0.89

The correlation between DEMCX and FPADX shifts across timeframes, from 0.77 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DEMCX vs. FPADX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DEMCX

DEMCX Risk / Return Rank: 91
DEMCX Sharpe Ratio Rank: 97
DEMCX Sortino Ratio Rank: 82
DEMCX Omega Ratio Rank: 86
DEMCX Calmar Ratio Rank: 94
DEMCX Martin Ratio Rank: 96

FPADX

FPADX Risk / Return Rank: 62
FPADX Sharpe Ratio Rank: 60
FPADX Sortino Ratio Rank: 53
FPADX Omega Ratio Rank: 64
FPADX Calmar Ratio Rank: 74
FPADX Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DEMCX vs. FPADX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nomura Emerging Markets Fund Class C (DEMCX) and Fidelity Emerging Markets Index Fund (FPADX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DEMCX	FPADX	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.42	+1.33
Sortino ratio: Return per unit of downside risk	2.84	1.92	+0.92
Omega ratio: Gain probability vs. loss probability	1.43	1.27	+0.15
Calmar ratio: Return relative to maximum drawdown	3.98	2.34	+1.65
Martin ratio: Return relative to average drawdown	16.56	7.44	+9.12

DEMCX vs. FPADX - Sharpe Ratio Comparison

The current DEMCX Sharpe Ratio is 2.75, which is higher than the FPADX Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of DEMCX and FPADX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DEMCX vs. FPADX - Drawdown Comparison

The maximum DEMCX drawdown since its inception was -63.54%, which is greater than FPADX's maximum drawdown of -39.16%. Use the drawdown chart below to compare losses from any high point for DEMCX and FPADX.

Drawdown Indicators

	DEMCX	FPADX	Difference
Max Drawdown Largest peak-to-trough decline	-63.54%	-39.16%	-24.38%
Max Drawdown (1Y) Largest decline over 1 year	-36.58%	-13.83%	-22.75%
Max Drawdown (3Y) Largest decline over 3 years	-36.58%	-16.09%	-20.49%
Max Drawdown (5Y) Largest decline over 5 years	-38.96%	-34.43%	-4.53%
Max Drawdown (10Y) Largest decline over 10 years	-47.21%	-39.16%	-8.05%
Current Drawdown Current decline from peak	-31.31%	-10.40%	-20.91%
Average Drawdown Average peak-to-trough decline	-19.59%	-13.18%	-6.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.76%	4.33%	+4.43%

Volatility

DEMCX vs. FPADX - Volatility Comparison

Nomura Emerging Markets Fund Class C (DEMCX) has a higher volatility of 25.07% compared to Fidelity Emerging Markets Index Fund (FPADX) at 9.49%. This indicates that DEMCX's price experiences larger fluctuations and is considered to be riskier than FPADX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEMCX	FPADX	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.07%	9.49%	+15.58%
Volatility (6M) Calculated over the trailing 6-month period	49.53%	20.91%	+28.62%
Volatility (1Y) Calculated over the trailing 1-year period	52.91%	22.72%	+30.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.11%	18.12%	+11.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.79%	18.25%	+7.54%

DEMCX vs. FPADX - Expense Ratio Comparison

DEMCX has a 2.17% expense ratio, which is higher than FPADX's 0.08% expense ratio.

Dividends

DEMCX vs. FPADX - Dividend Comparison

DEMCX's dividend yield for the trailing twelve months is around 12.22%, more than FPADX's 2.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEMCX Nomura Emerging Markets Fund Class C	12.22%	20.47%	1.09%	2.03%	0.69%	2.58%	0.61%	0.00%	0.00%	1.03%	0.08%	0.00%
FPADX Fidelity Emerging Markets Index Fund	2.02%	2.35%	2.70%	2.68%	2.47%	2.14%	1.50%	2.59%	2.20%	0.12%	1.69%	2.47%

Frequently Asked Questions

Can I hold both DEMCX and FPADX in my portfolio?

DEMCX and FPADX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEMCX or FPADX?

DEMCX has higher volatility (25.07%) compared to FPADX (9.49%). In terms of maximum drawdown, DEMCX dropped -63.54% vs FPADX's -39.16%.

Which has better risk-adjusted returns?

DEMCX currently has the higher Sharpe Ratio (2.75 vs 1.42), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.